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Trace Datawise Financial Ltd ("Trace Datawise"), a subsidiary of technology and services group Trace Group Plc, announced today that Gestitres is the latest
financial institution to buy Trace Datawise's EasyISO15022 (EasyISO) solution for integration to the SWIFT network. In order to improve straight through
processing (STP), ISO 15022 becomes mandatory for the transmission of securities messages on the network on November 16 2002.
Gestitres is one of an estimated 52% of buy side organisations that are live or presently testing the new format. Those non-compliant by the deadline are likely to face penalties from custodians who cannot afford the bottlenecks caused by faxing, the only other alternative.
Trace Datawise, which has worked with SWIFT for the past six years, has developed EasyISO as a package with its own message processing framework (MPF) which is fully quality assured and quick to implement. It carries a guarantee of support for the introduction of new XML standards for ISO15022, expected next year, and enables organisations to convert seamlessly from the old ISO 7775 message standard.
Says Jo Sethi, managing director of Trace Datawise: "Since being recommended by Deutsche Bank and becoming SWIFTready Gold Accredited we have been contacted by many companies who thought they had plenty of time or whose in-house development had stalled. Gestitres has planned well ahead. Others have not even started, and we are urging them to look at their options now so that their
organisations are not exposed to the cost and risk attendant on not being compliant with SWIFT's requirements."